According to a European Parliament survey published today, more than half of Spaniards (53%) believe that the national economy would have been more resistent to the recession if the country had retained the peseta rather than adopting the euro.

Spanish dissatisfaction with the level of protection offered by the single currency is higher than the EU average (48%), equal with that in Italy, and exceeded only by the Portugese (62% felt they'd have been better keeping the escudo).

The survey shows that neither the Central European bank nor the European Union has succeeded in convincing EU citizens of the protective role played by the single European currency.

44% of those surveyed did not agree that the single European currency had mitigated the effects of the recession, whereas only 39% felt it had served as a protection against the economic crisis.

The Slovaks, the last nation to adopt the euro (in January of this year) were the most content with its performance (66% said it had played a positive role), followed by the Finns (61%) and the Belgians (54%).

At the other end of the scale are the Czechs (56% think the euro has not helped), the Brits and the Germans (both 54%).

Of the 16 countries that adopted the euro, the majority of people in 12 of them believe that the euro offers better protection against recession than their old currencies.  Only Portugal, Spain, Italy and Cyprus felt they would have been better sticking with their original currencies.

Amongst the member states that have not adopted the euro, there are three nations that stand out in their conviction that they are better off with their own currency, even in the current recession - Denmark, Sweden and the United Kingdom.